In today’s briefing:
- HSCEI Stocks to Buy at a Material Discount – Targeted Buying Levels in 2319 HK / 2020 HK / 9888 HK
- Favor Defensives as S&P 500 Tests 4165-4200; Buys in Consumer Staples & Europe/UK Telecomm
HSCEI Stocks to Buy at a Material Discount – Targeted Buying Levels in 2319 HK / 2020 HK / 9888 HK
- At TMA we deliver high probability outcomes by focusing on our 3 pillars of technical analysis. 1) Response to key levels. 2) Price action. 3) Momentum confirmation.
- China Mengniu Dairy Co Ltd (2319 HK), ANTA Sports Products Ltd (2020 HK) and Baidu Inc (9888 HK) are all trading at significant discounts to 2023 highs and LT highs.
- Today we highlight targeted support levels / buying opportunities in the coming 1-2 days in 2319 HK, 1-3 weeks in 2020 HK and 1-3 months in 9888 HK).
Favor Defensives as S&P 500 Tests 4165-4200; Buys in Consumer Staples & Europe/UK Telecomm
- The S&P 500 is approaching the 4165-4200 area; we continue to believe this will cap upside in 2023, but we also acknowledge that a move to 4300-4325 is possible
- Considering limited upside in both scenarios, we continue to recommend shifting to defensives, particularly Health Care (XLV), Utilities (RYU, XLU), Consumer Staples (XLP), and precious metals miners (GDX)
- 10-Year and 30-Year Treasury yields testing short-term resistance while the US dollar (DXY) tests support at $101-101.50.
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